October 10, 2016

Elliott Wave Outlook of Nifty for 10 Oct 2016 Onward

Nifty opened mild gap up on Friday at 8721 but failed to sustain at higher levels and traded with negative bias for rest of the day. Nifty declined to register day’s low 8664 before closing 11 points down at 8697.

Friday, trading strategy was to Buy Nifty only if touch 8732 with stoploss of 30 points otherwise wait for identification of any other pattern to initiate trade. Nifty failed to break above 8731 on Friday and trade didn’t activate. Let’s have a fresh look at latest charts for further scenario.